Balance between income and expanse is mandatory for financial freedom
Balance between income and expanse is mandatory for financial freedom. Now, the big question comes in our mind how to balance between income and expanses. You can balance between income and expanse by adopting some simple steps.
In order to balance between income and expanse you must have know about your all source of income. How much income you will generate during week or in a month.
Now, comes to the next step i.e analyse your expanses. In order to analyse your expanses, you must develop a habbit of investing on those things which is very important for you like, monthly installments, housing, health, education and grocery etc.
After knowing your income and expanses you can make a practical budget. Making budget is not enough if you can't control your expanses. The best solution is to keep review your daily expanses and analyse how you can manage to control the expanses. You can furnish excel sheet for checking your daily expanses. It will control your undue leakages. Remember leakage has tendency to sink large ship.
Develop a habit of some saving from your income. It will help you in rainy days. Even you can invest a part of your saving in different projects, which may opens new source of earning for you.
Try to explore new ways of earning opportunity. We are lucky to have extra earning opportunity available in the form of Hive and Leofinance. Your content creation on regular basis will help you to generate extra income. The best thing about Hive and Leofinance platform is that it is free to use. All you need to do is share your talent and express your ideas with in community.
Financial freedom without balance between income and expanses is impossible. What is your opinion my friends?
This is it for my today post. Wish you all a very happy, healthy and prosperous life ahead. Have a nice time.
Sometimes prices of necessary commodities like food,medicine, house rents etc increase without a prior notice.With middle income status and full reliability in one jobs find it super hard to maintain the expenses.
That is why I agree we should build up a habit of saving some bucks out of daily expenditure, whatever 50 cents deposit each day might help us recover from emergency money spendings.
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This is the thing that man will not do within his life then man can never be successful as we know the way things are going today if our expense is more than our money then we can never be successful. A person should try to make a living from one business, then a person should work in two or three places.
Yes, that's necessary, but do you really think this is possible in the rising inflation in Pakistan?
Good advice brother I think we even try over best to have more income then over expenses, but unfortunately expenses are always there and mostly people don't have any permanent source of income, I todays world we have some opportunities like hive blockchain but still it's not easy to make money or extra income online otherwise everyone become rich
achieving financial freedom requires a delicate balance between income and expenses. By effectively managing your income and keeping your expenses in check, you can build savings, avoid debt, create financial stability, build wealth, and have greater control over your financial future.
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I agree with you that living a balanced life is important for both our physical and mental health. It's also important for our financial freedom.
I think the steps you outlined are a great way to start balancing your income and expenses. It's important to be aware of where your money is going, and to make sure that you're not spending more than you're earning.
I also think it's important to have a budget. This will help you to track your spending and make sure that you're staying on track. There are a lot of different budgeting methods out there, so you can find one that works for you.
I think it's also important to have some savings. This will help you to cover unexpected expenses, or to save for a rainy day. Even if you can only save a small amount each month, it will add up over time.
This is the golden rule of life that if you manage to attain a balance your life would be sorted or else you would keep running to fulfill your daily needs
Hope this wisdom from you helps more people to attain a balance.